EUR/GBP 4H Chart: Ascending Triangle

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Source: Dukascopy Bank SA
© Dukascopy Bank SA
EUR/GBP is struggling to overcome resistance at 0.7280 at the moment, but the outlook is still bullish. The currency pair has recently formed an ascending triangle, meaning demand is gradually building up, and this should eventually result in a breach of the upper boundary of the pattern. If this is the case, the next target will be at 0.7360, represented by the monthly R3, followed by the October high at 0.7490. On the other hand, if the price falls below the rising support at 0.7260, we will expect a test of the previous week low at 0.72. In the meantime, the distribution between the long and short positions is heavily skewed in favour of the latter that take up 70% of the SWFX market.
© Dukascopy Bank SA
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